MC Vanguard has advised on the management buy out of a Welsh business-to-business telecoms provider.
Jeff Eamens of Challenger Mobile Communications has bought out Wayne Skellon, with whom he co-founded the business in 1991.
The buyout was supported by a £1.4m loan from the Development Bank of Wales as well as additional funding from Barclays Bank.
Challenger, which is based at Deeside Industrial Park in Flintshire, currently has a turnover of almost £8m a year and is aiming to grow that by 25 per cent to £10m within the next two to three years.
Mobile phone communications for businesses represent around 65 per cent of Challenger’s turnover, but the company also provides a range of other services, including hosted products, vehicle tracking and lone worker protection, voice telephony and other data products.
Jeff Eamens was advised by MC Vanguard, the corporate finance arm of Mitchell Charlesworth. MC Vanguard’s work was led by Brian McCann with support from James Curtis and Nan Zheng.
Brian McCann of MC Vanguard, said: “We are delighted to have supported Jeff Eamens in helping him to realise this important stage in his ambitions to grow the business. The company has an excellent track record and this move will further enhance its position in the marketplace and bodes well for its future.”
Advisers involved included lawyers Jolliffe & Co on behalf of Jeff Eamens, Chris Hayward and Blake Morgan on behalf of the Development Bank of Wales and Storrar Cowdry on behalf of Wayne Skellon.